Today the same thing is happening. This time the directors are trying everything they can to avoid disclosing to the market that earlier this week a group of concerned shareholders filed all the official documentation calling for an EGM, with the intention of voting down the current board, kicking them out and replacing them with a new team of directors. These are of course the same sneak thieves who said they were providing new and necessary transparency at the company.

Therefore IKN asks: When are you going to have the common decency to tell the market about the EGM and the proxy slate, Hodges/Higgins/Pinto/Fryer/Jones?

Minera IRL Limited Announces That a Group of Shareholders Are Calling for an Extraordinary General Meeting of the Company

LIMA, PERU--(Marketwired - Oct. 9, 2015) - Minera
IRL Limited ("Minera IRL" or the "Company")
(AIM:MIRL)(LMA:MIRL)(TSX:IRL) announces that a group of shareholders
("Proposing Shareholders") have requested the Company to call for an
Extraordinary General Meeting (EGM).

The
Proposing Shareholders are seeking to requisition an EGM to consider
special resolutions to appoint six new directors: Messers. Leonard
Harris, Julian R. lngham, Diego Benavides, Jorge L. Ramos, Frank S.
O'Kelly and Jesus A. Lema and to remove Messers. Robin Fryer, Douglas
Jones and Jaime A. Pinto as directors of the Company. If successful,
this would have the effect of removing all of the independent
non-executive directors and replace them with six appointees of the
Proposing Shareholders.

The Company is currently considering this request and a further announcement shall be made in due course.

"If one were true to the science, analysis would involve the collection of data, some crunching and then a bit of a think to come up with the most likely outcome – in theory. But alas, theory is not of much use in the markets. With continuous disclosure, detailed company guidance and a 24/7 wired world, there is blessed little that an analyst can actually say that any fund manager with half a brain doesn’t already know, other than by accident. Research then tends to fall into two camps:

Research on junior miners, which is really little more than advertising put out by the supporting broker with a vested interest in pumping up the latest bit of tripe they just floated.

"Research on major miners, which is really little more than different ways of presenting what the company has already announced, and never veers more than a few bips from consensus lest the company get annoyed and cut the broker off from the boozy site visits."

The whole thing is worth reading, but that is so exactly right.

10/7/15

Yesterday October 6th, the newspaper USA Today ran a supplement in its dead tree edition. The 12 page supplement is called "Our World" and was about Peru. If you'd like to see the thing online,you can go to this link and then on the right near the top click on the link to the PDF edition dated October 6th in the "Country Reports" banner, which looks like this:

Then when your PDF is downloaded, go to page five and you'll see this quarter-page advert for Minera IRL:

There's no other mention of IRL in the publication.

The Hodges Lackeys Board of Directors paid U$33,000 cash to place that single advert. Thirty-three thousand United States Dollars.

Then again, they get it placed for free on IKN.

UPDATE: Reader 'BB' makes a good point:

"What makes this even more of a waste of money, if that's possible, IMO,
is that if anyone decided to check out the company after seeing the ad,
they'd see that trading has been halted etc etc. Embarrassing."

Mr. Leonard Clough, President and CEO of Standard, commented "The
fundamental basis of this transaction lies in our collective belief that
gradually ramping up and fully optimizing one processing plant is
better than operating two plants below full capacity at potentially
non-optimized margins. While the capital cost to complete construction
at the Northern gold plant is relatively modest, the challenges
associated with achieving sustainable margins, commissioning costs,
potential export licencing delays, and time associated with recovering
the 18% IGV/VAT, all in a capital-starved market, increase uncertainty,
and make the commissioning exercise seem somewhat unrealistic at this
time. While the business opportunity of toll processing remains solid,
staying power is critical, and we believe a combination with Inca One
helps achieve that. I look forward to assisting Edward Kelly and his
team in sharing the new story, one of free cash flow, sustainability,
and calculated expansion."

Translation: "We couldn't raise the money".

And another promising company is crushed by the wheels of industry. So it goes.

10/5/15

Fernando Augusto Silva Henao, 45, one of the leaders of the miners working for Gran Colombia Gold (GCM.to) was shot dead last Thursday after leaving his home on the way to work. He took six bullets. Suspicion has fallen on the ultra-right-wing Urabeños paramilitary group in the area, because the workers have refused to pay them any more protection money. The approximate 1,500 workers are now on strike t protest the insecurity under which they work.

In the last three months I've watched as the advertising revenue from the ads run here at IKN has dropped off considerably. Here's a chart that shows the monthly US Dollar earnings from those ads since 2012:

It's always been around U$150/month from the ads (nobody's idea of a king's ransom, but it pays a few bills) but now and for the first time since 2009 I've had months that score less than U$100. The last two months, to be precise. As blog visitor numbers haven't dropped off in the period (in fact they've been growing) the only thing that comes to mind is the recent rise in the use of advert blocking software such as Adblock (which for the record i use too) or Ghostery (which i also use and for me is the better of the two). There's been some sort of critical mass reached with the popularity of ad-blocking in these recent months, i see the subject discussed a lot over the interwebz, things of that sort. From my admittedly anecdotal evidence, there may be a surprise in store in the quarterly results of companes that rely on this income far more than your humble scribe will ever do for his hundred or hundred-fifty.

UPDATE: In an ironic twist, reader SB writes in to say that...

"...the chart on this page doesn’t show up unless you turn off adblock."

All you really need to do to reduce violence in Guerrero is to put the whole issue in the hands of junior mining investment relations professionals because according to that fine upstanding and wholly transparent group of human beings, the violence simply doesn't exist. Y'see, simple really. Beats me why nobody else has thought of it.

10/4/15

Third Place: "Inca One (IO.v): I love these guys", which at this end of the pipe also garnered some entertaining mails from a couple of you (thanks, people). Needless to say, they confirmed your humble scribe's negative view of this particular company.

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